Oil trimmed losses that tipped prices into a bear market amid a broader commodity rout as trading volatility advanced to the highest in almost two weeks.
Futures climbed as much as 1 percent in New York after closing on Thursday more than 20 percent below this year’s peak in June, meeting the common definition of a bear market. U.S. crude supplies remain almost 100 million barrels above the five- year average after an unexpected increase through July 17, government data showed Wednesday. A measure of price fluctuations rose Thursday to the highest level since July 10.
Oil’s rebound from a six-year low in March has faltered on signs a global surplus will persist. Prices have been swept up in a broad selloff of raw materials, which have fallen to a 13- year low amid concerns that economic growth will stagnate in China, the biggest consumer of energy, metals and grains.
